Need Help With Your Cash Flow?
From time to time, businesses fall short when it comes to their cash flow. This can cause problems with payroll, business expenses, or even with client acquisitions. Most businesses have accounts receivable, but it takes time to invoice clients and then collect any outstanding debt. Well, what happens when your money runs dry?
How Does Factoring Work For My Company?
No matter if it’s a good time or a bad time for the economy, businesses may still need liquid capital to enhance its cash flow cycle and when you’re waiting on capital from your clients, you need that cash more than ever. Consider factoring your company’s invoices to access that capital and don’t worry if you haven’t heard of factoring before. If you’re wondering “what is factoring?” or “how does factoring work?” United Capital Funding is here to help.
From Mark Mandula: Thoughts on the COVID-19 Pandemic Part IV
As the COVID-19 pandemic continues at full strength in much of the United States, it is becoming clearer that the economic damage done by the virus will be widespread and significant. The first inkling of this unsettling fact appeared last week when an unprecedented surge in jobless claims was announced. From the prior weeks, data of 282,000 claims came the stunning news that the current weeks total was about 3.3 million. At that point, equity and other markets in the United States nearly came unglued and the optmisitic chatter was that this would be the highest claim that would occur in the COVID-19 period. Most economists and experts had predicted that the number of claims would be nowhere as high as the 3.2+ million that wa actually reported.
Loan Programs for Small Businesses Impacted by COVID-19
Small businesses are the backbone of the American economy. There is no debate that the current COVID-19 pandemic will cause significant economic harm to this critical part of our nations GDP. How important is it for small businesses in the United States to be vibrant and successful? Consider these facts about the magnitude of the role small businesses contribute to the United States economy (data from the Office of Advocacy, Small Business Administration).
The History of Factoring From A Trusted Factoring Company
So, you know about how the factoring industry operates today—but where did it all begin? Learn about the history of factoring from the specialists a United Capital Funding. We’re the factoring company you can trust with your capital.
From Mark Mandula: Thoughts on the COVID-19 Pandemic Part I
From Mark Mandula, Chief Marketing Officer
Has COVID-19 (coronavirus disease 2019) impacted your business? Invoice financing may help ease the cash flow strain on your business. Contact us or apply now (no cost to apply) to discuss your options.
As the sun rises today, we are at what appears to be the very early onslaught of the virus in the United States. Having ravaged China and subsequently Italy and Spain, it appears that the United States is next.
What to think? What to do? Who do we turn to for guidance, accurate and unbiased facts and information? Unfortunately, our politically polarized environment makes this task a daunting one.
I think CEO of Amazon Jeff Bezos, in a single astute sentence, accurately provides a way to deal with COVID-19 and what will happen afterwards - “Though we are optimistic, we must remain vigilant and maintain a sense of urgency.”
This is the first in a series about how we can help our SME clients to not only survive, but also come out of this pandemic ready to take on a riskier economic environment. Above all, we need to be ready to have the resources and working capital all in place to move quickly and efficiently for the foreseeable future.
In today’s edition, I will summarize the facts about COVID-19 as of this morning, March 16, 2020, then present some actions we can immediately take to help our SME clients endure this surreal global event. In future editions, I will look at the ramifications of COVID-19 on SMEs globally and a myriad of other topics relevant on what we need to be vigilant about in the near and long term future.
As you’ve noticed, COVID-19 has profound implications on our businesses, finances and health. I can’t recall another recent event similar to this. It’s as if the pandemic is like a multifaceted Rubik’s Cube!
Let’s first delve into the facts as of the morning of March 16, 2020. The data source for this information is Johns Hopkins University accurate as of 6:30 EST and was originally published in the Wall Street Journal. Of course, these facts will update as the pandemic progresses.
- 169,387 confirmed cases worldwide
- 6,513 deaths attributed to COVID-19 globally, or about an overall mortality rate of 4%
- 3,774 cases now reported in the United States and 69 reported deaths.
- Finally as of today, more than 30 million children will be staying at home as schools are closed.
The key takeaways from this morning’s data are as follows as also noted in the WSJ online edition:
- For the first time, deaths reported outside China exceed those inside the country where this began
- A lot [and I mean a lot] of kids are at home, with 30+ million not attending traditional classroom instruction
- And the Federal Reserve has taken unprecedented emergency actions to prop up the United States economy and prevent a recession from happening
As noted above in this first article I would like to present some actions that we can take as commercial finance professionals to help guide our employees, partners and SME clients through this crisis. The genesis of these seven excellent and practical ideas is an article authored by McKinsey & Co., in a Briefing Note dated March 9, 2020. The article covers a wide range of topics including critical indicators of the impact of COVID-19, the potential economic impact of the virus, supply chain challenges, and other topics. I will utilize the Exhibit as published in the Note in this article.
The key actions that companies [regardless of size, industry, geographic location, etc.] can immediately take are noted below in bullet form. I will look at each in future articles and present ideas on how firms like ours in the commercial finance industry can use to help our businesses and SME clients navigate uncharted waters.
COVID-19 Action Steps
- Protect your employees
- Set up a response team
- Look at stress, liquidity and contingency plans
- Supply Chain
- Stay close to clients
- Demonstrate purpose
I hope this opening article will help in the nearly overwhelming tasks of maintaining stability, managing this crisis, remaining optimistic and simultaneously be vigilant. Interesting times, for sure!
Article Posted On: March 16, 2020